South Korean President, Park Geun-hye, has offered to step down and asked the national assembly to set a new deadline for the end of her turbulent presidency which will not be officially over until early 2018.

She was speaking in her third nationally televised address on Tuesday since the scandal broke out.

"I will leave to parliament everything about my future including shortening of my term," the Guardian quoted Park, as saying in her public address.

Park said that she would step down once the lawmakers come up with measures to transfer power in a way that minimises any power vacuum and chaos in governance.

This move comes at a time when she is struggling with a massive political scandal and huge protests asking for her immediate resignation over letting her confidante Choi Soon-sil, who does not hold an official government post, view confidential documents and presidential speeches.

Describing it as a last-ditch attempt to avoid the humiliation of impeachment, Opposition lawmakers immediately rejected the offer.

The country's major opposition parties have claimed that they have support of enough lawmakers including those from Park's own Saenuri party to go ahead with impeachment.

"Park is handing the ball to parliament when she could simply step down," said Park Kwang-on, a lawmaker with the main opposition Democratic Party.

"She is asking the parliament to pick a date for her to resign, which she knows would lead to a discussion on when to hold the presidential election and delay everything," he added.

Local media and opposition parties have accused Choi of using her relationship with Park to accumulate millions of dollars in donations for her foundations.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)